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Home My WebLink About0947 ~ ~ ~ ADJUS'TABLE RATE RIDE2. THIS ApJUSTABLE RATE R1DER is madQ this 31 st day of Aut~ust ~ 19 84 , and b incorpomt¢d into and-shall be d¢emed to amend and supplement the Mortgage, Deed of Tnut or Deed to Secura Debt ~(the "Securtry lnstrumenY') o~£ ~t~~~~ ~vg~ ~ tk~~p~~$~gned (the "Borrowe~ to secure Borrowe~s Adjustable Rnta NotQ to ~ ~ a Federal Savings and j,nan A ~~~~i ~r i Qn (the "Lende~ of the same date (the "Note) and covering the property described tn thQ Security Instrument and iocated at 10600.South AlA, Unit 201, Jenszn Beach, Florida 33457 ~w~.ey ~ae~ The Note contaias provisions alloaring got chaages !n th~ interest rate every year. If Nu interest mte decreases. ths Borrowet's moathly paymenb wlll be lower. A~mot~+t CovEta~rrrsln addition to the covenanb and agreemants made in the Securiry Inswment, Borrower and Lend¢r further covenant and agree as foUovus A.INTERES't RATE AND MONTNLY PAYMENT CHANGES The Note provides for an initlal rate of 12 . 00 ~~on 4 of the Note provides Eorchanges in the interest rate and the monthly payments, as follows "4. INTEREST RA1'E AND INONTHLY PAYMENT CHANGES Change Dates The interest rate [ will pay may change on the first day of October 1985 and on that day ¢very 12th month thereafter. Each date on which my inierest rat¢ could change is called a"Change Date" (B) T6e I»dex Beginn'sng with the first Chartg¢ Date, my interest mte will be based on an Index The "Index" is the weekly a~~emge yield on United States Treasury securities adjusted to a constant maturity of 1 year, as made available by the Federal Reserve Board The most recent lnd¢x figure avai{abfe as of the date 45 days before each Change Date is called the "Curreni Index" If th¢ (nde~c is no longer availabl¢, th¢ Note Holder will choose a new index which is based upon comparable informatioR The Note Hotder will give me notice of this choiee. (C~ Calculatlon of Changes Befor h Change Date, the Note Holderwiil calculate my new interest rate by adding 2' ~ 5 percentage points ( °b) to the Cutrent tndex Th¢ Note Holderwili then round the result of this addition to the nenrest one- eighth af one percentage point (0.125 0). This rounded amount will be my new interest mte until the next Change Dace. f The Not¢ Holder will then determine the amount of the cnonthly payments that would be sufficient to repay che unpaid principal balance of my loan I am expected to owe on th¢ Change Date in full on the maturity date at my new ~ interest rate in substantially equal payments. The r¢sult of this calcu(a6on is called the "Full Payment Amounti', and it wil{ be the new amount of my monthly payment subject to subs¢ction (D) below. i ~ ~ , (D) Limits on Interest Rate Changes. ~ The rate of intefe~ am required to pay shaU never be increased or decreased on any single [nterest Change ` Daie by more than from the rate of interest I have been paying forthe preceding tweive montha My interest ; rate a(so shaU never b¢ greater than 17 . S 0 ~ ~ Effective Date of Changes ~ My new interest rate will become effective on each Change Date. I will ooy the amount of my new monthly i payment beginning on the fint monthly payment date aher che Change Date until the amount of my monthly payment , changes again. • ~ ~lotice of Changes ~ The Note Holder will rnail or deiiver to me a norice of any changes in the amount of mv monthly payment oefore ~ the effecrive date of any change. Tne nodce will inciude informatior. required by law to be given me and also the citle and telephone number of a penon wno wiil answer any questio~s I may nave regarding the notice.' ~ B. CHARGES: LIENS ~ Un+form Covenant 4 oi the Secunry (nstrument is amended to read as iollows t'v • ~ Charges: Liens. Borrower shail pay all taxes. assessments. and other charges. :ines and impositions attnoutabie ;o the Property which may attain a priontv overthis Securiri~ [nstrLment ar.d ,easehoid pa!:ments or cround rents. ii any. ~ :n the mar.ner pravided uncer paragraph 2 hereof or. if not paid in such manner, bv Borrower maicing payment ~.vhen ; ~ uue. cirec:ty to the payee thereof. Borrower shall promptly fumish to Lender all notices of amounts cue under this :araaraph and in the event Borrowershail make payment directi~. Borrower shall promptly ium~s~ to Lenaer receiocs ~ ~~icenc:r.g suc:~ payments. ~orrower shaU oromptly discharge any iien which has prioritv over this Secunty Instrument provided that Borrower shall not be required to discharge any such lien so long as 3orrower. ~ai shail agree in writing ' :o ::~e payment of the obiigation secured'oy such iien in a manner acceptable to L~ndzr. (bi sna~l in good taith contest - ~ sucn iien b~. or deier.d against entorcement of sucn lien in. leoal oroceedings wh:cn i~ the opinion o~ Lender operate to • i ?revent the enforcement oi the fien or forieiture of the Proper.y or any part thereo'r, or ( c~ snai! secure irom tne nolder ~ CD r,f s~ch iien an agreement in a form sadsfactory to Lender subordinating suc~ iien :o tnis ~ecurinr Instrument ~ Lznder determines that ail or any ~art of the Property is suoject to a lien wnicn may ~ttain a pr.or,tv over this Secur,ry :nstrument Lander snaii send Borrower notice ident:fying such fien. Bvrrower yhail ~acisi~ _uc~ iien or *.aice one or ~r:ore oi tze ac:ions set forth above wichin ten days oi :he gi~,•ing of notice. , • ? ' I4'. Portfolio ARyI -1 Ye~ Lii ithout~ yment Cap. Wi~i~ldjltstmeni to Adju~strnent ~ate Cap and Rate Cap ~7ver Life. • ! ` ` . ; ~ • ~ ' - ~ ~R~i~ P~GE 9~7 ~~4~ ~~~~~3 . : ~ ~ n ~ ..~sl ~`i" ~~.._r__ . ~ '~<`:~~'"r'~-'-~Lm" ' -aw ,e'say •-•~8- - ~ ~